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Income Taxes (Tables)

12 Months Ended

May 31, 2016

Income Tax Disclosure [Abstract]

Components of income (loss) before income tax provision

The components of income (loss) before income tax provision for the years ended May 31 are as follows:

	2016				2015				2014
	(in thousands)
(Loss) income before tax provision:
US	$	(4,444	)		$	(8,965	)		$	4,645
Non-US	1,191				834				541
	$	(3,253	)		$	(8,131	)		$	5,186

Summary of Income tax (benefit) provision analyzed by category

Income tax (benefit) provision analyzed by category and by statement of operations classification for the years ended May 31 is summarized as follows:

	2016				2015				2014
	(in thousands)
Current
Federal	$	34			$	(242	)		$	(133	)
State and local	103				205				99
Non U.S.	217				417				157
	354				380				123
Deferred	39,983				(5,123		)		2,716
Income tax (benefit) provision	$	40,337			$	(4,743	)		$	2,839

Summary of significant components of deferred income tax (benefit) expense from operations

The significant components of deferred income tax (benefit) expense from operations for the years ended May 31 consist of the following:

	2016				2015				2014
	(in thousands)
Net effect of temporary differences	$	133			$	(1,916	)		$	1,543
Adjustments for beginning-of-the-year valuation allowance balance for changes in circumstances	40,418				—				—
Impact of NYS tax reform legislation	—				—				1,173
Net operating loss carryforward	(568		)		(3,207		)		—
	$	39,983			$	(5,123	)		$	2,716

Summary of deferred tax asset and liabilities

Temporary differences that give rise to deferred tax assets and liabilities are summarized as follows:

	May 31, 2016				May 31, 2015
	(in thousands)
Deferred tax assets
Net operating loss carryforward	$	52,593			$	52,025
Stock-based compensation	4,135				4,468
Federal and state R&D tax credit carryforward	2,145				1,646
Inventories	4,535				2,808
Expenses incurred not currently deductible	3,018				2,107
Accrued liabilities	339				114
Gross deferred tax asset	66,765				63,168
Deferred tax liabilities
Excess tax over book depreciation and amortization	46,240				42,988
	46,240				42,988
Valuation Allowance	(42,209		)		(1,791		)
Net deferred tax asset (liability)	$	(21,684	)		$	18,389

Summary of Income tax rate reconciliation

Our consolidated income tax provision has differed from the amount that would be provided by applying the U.S. Federal statutory income tax rate to our income before income taxes for the following reasons:

	2016				2015				2014
	(in thousands)
Income tax (benefit) provision at statutory tax rate of 35%	$	(1,139	)		$	(2,845	)		$	1,814
Effect of graduated tax rates	33				81				(51		)
State income taxes, net of Federal tax benefit	(215		)		(21		)		111
Impact of Non US operations	(162		)		133				(27		)
Research and development tax credit	(499		)		(604		)		(236		)
Meals and entertainment	329				—				—
Nondeductible interest on contingent payments	262				265				540
Nontaxable gain on revaluation of contingent consideration liability	(170		)		(3,102		)		(1,734		)
Tax law changes	—				(454		)		1,173
Adjustment to beginning of year valuation allowance	40,685				—				—
Effect of elimination of stock compensation APIC pool	739				1,253				440
Nondeductible stock-based compensation	—				—				176
Other nondeductible expenses	207				498				384
Over (under) accrual of prior year Federal and state taxes	356				38				249
Other	(89		)		15				—
Income tax (benefit) expense	$	40,337			$	(4,743	)		$	2,839

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
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